Lehman Brothers Sues Canadians, Non-Canadians

Bankrupt investment firm Lehman Brothers Holdings, which today celebrates the two-year anniversary of its historic implosion, is suing the Canadian Imperial Bank of Commerce and many others for $3 billion, Reuters reports.

Lehman says it’s owed the $3 billion because CIBC and others were unfairly allowed to make claims against it as it filed for bankruptcy.

Lehman needs all the cash it can get, seeing as it currently owes creditors somewhere in the neighborhood of $600 billion, including some who, according to Lehman, may only reap between 10 and 44 cents on the dollar after waiting several years. The firm has previously sued Barclays Capital over additional funds. Meanwhile, the Canadians aren’t taking kindly to being shaken down, Reuters says: “CIBC, in a statement, said it believes its obligations under the applicable contracts have been properly addressed, and that it intends to defend itself vigorously.”